We believe a separation into an independent company will allow BATES to leverage on its operational performance and potentially venture into the higher margin Funeral business and Services as well as the cremation space, thereby improving its operating margins and increasing investor wealth. "We are greatly appreciative of Batesvilles long and successful operating history as part of Hillenbrand and we look forward to working closely to execute a seamless transition. Back in 2020, while the minimum market capitalization restrictions would have been lower than what it is today in order for both the RemainCo and the SpinCo to remain in the S&P SmallCap 600 Index to prevent any near-term index selling pressure, other complications surrounding its debt would have arisen. Purchase your ticket today. Batesville Casket, based in Batesville, Ind., has for years commanded about 40 percent market share of a $1.5 billion industry. This would lead to a market cap of around $1.6 billion for BATES and a $1.7 billion Market Cap for the RemainCo (with a favorable leverage of 1.4x). ET by Steve Gelsi Hillenbrand Sells Batesville Casket Business for $761.5 Million Dec. 15, 2022. The company was founded on November 1, 2007 and is headquartered in Batesville, IN. Founded in 1884 as the Batesville Coffin Company, Batesville was purchased by John A. Hillenbrand in 1906, when it became the Batesville Casket Company. At the time, we acknowledged that with the help of an activist investor, the company can come off its 2008 lows and create value for shareholders. Caskets. Its a city that has a huge amount of history and a very little reason for it, and its always been that way. We tend to put it out of our minds, but as with taxes, death is an absolute certainty, as Mr. Benjamin Franklin so succinctly put it. The move away from HIs 100+ year old legacy death/burial business first began after a string of acquisitions starting in 2010. These factors include, but are not limited to: global market and economic conditions, including those related to the financial markets; the impact of contagious diseases such as the COVID-19 pandemic and the escalation thereof due to variant strains of the virus and the societal, governmental, and individual responses thereto, including supply chain disruption, loss of contracts and/or customers, erosion of some customers' credit quality, downgrades of the Company's credit quality, closure or temporary interruption of the Company's or its suppliers' manufacturing facilities, travel, shipping and logistical disruptions, domestic and international general economic conditions, such as inflation, exchange rates and interest rates, loss of human capital or personnel, and general economic calamities; risks related to the Russian Federation's invasion of Ukraine (referred to herein as the "Ukraine War") and resulting geopolitical instability and uncertainty, which could have a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions, in addition to the potential effect of supply chain disruptions that could adversely affect profitability; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; negative effects of the Linxis Group SAS ("Linxis") acquisition or other acquisitions on the Company's business, financial condition, results of operations and financial performance (including the ability of the Company to maintain relationships with its customers, suppliers and others with whom it does business); the possibility that the anticipated benefits from the Linxis acquisition and other acquisitions cannot be realized by the Company in full or at all or may take longer to realize than expected; risks that the integrations of Linxis or other acquired businesses disrupt current operations or pose potential difficulties in employee retention or otherwise affects financial or operating results; any failure to obtain, or delays in obtaining, required regulatory approvals or clearances for the Proposed Transaction; any failure by the parties to satisfy any of the other conditions to the Proposed Transaction; the possibility that the Proposed Transaction is ultimately not consummated; potential adverse effects of the announcement or results of the Proposed Transaction on the market price of the Company's common stock or on the ability of the Company to develop and maintain relationships with its personnel and customers, suppliers and others with whom it does business or otherwise on the Company's business, financial condition, results of operations and financial performance; risks related to diversion of management's attention from our ongoing business operations due to the Proposed Transaction; the impact of the Proposed Transaction on the ability of the Company to retain and hire key personnel; increasing competition for highly skilled and talented workers as well as labor shortages; our level of international sales and operations; the impact of incurring significant amounts of indebtedness and any inability of the Company to respond to changes in its business or make future desirable acquisitions; the ability of the Company to comply with financial or other covenants in debt agreements; cyclical demand for industrial capital goods; the ability to recognize the benefits of any acquisition or disposition, including potential synergies and cost savings or the failure of the Company or any acquired company to achieve its plans and objectives generally; impairment charges to goodwill and other identifiable intangible assets; competition in the industries in which we operate, including on price; impacts of decreases in demand or changes in technological advances, laws, or regulation on the revenues that we derive from the plastics industry; our reliance upon employees, agents, and business partners to comply with laws in many countries and jurisdictions; increased costs, poor quality, or unavailability of raw materials or certain outsourced services and supply chain disruptions; continued fluctuations in mortality rates and increased cremations; the dependence of our business units on relationships with several large customers and providers; competition faced by our Batesville business from non-traditional sources; the impact to the Company's effective tax rate of changes in the mix of earnings or tax laws and certain other tax-related matters; exposure to tax uncertainties and audits; involvement in claims, lawsuits and governmental proceedings related to operations; uncertainty in the United States political and regulatory environment or global trade policy; adverse foreign currency fluctuations; labor disruptions; and the effect of certain provisions of the Company's governing documents and Indiana law that could decrease the trading price of the Company's common stock. If our assumptions prove inaccurate or unknown risks and uncertainties materialize, actual results could vary materially from Hillenbrand's expectations and projections. Lilac Silver 18 Gauge Steel Casket $ 1,795.00 Athena Rose - 18 Gauge Steel Casket $ 1,595.00 White Cross 18 Gauge Steel Casket $ 1,595.00 Princeton 18 Gauge Steel Premium Casket $ 1,495.00 Spruce 18 Gauge Steel Casket $ 1,495.00 Royal Ebony 18 Gauge Steel Casket $ 1,595.00 Noble Blue Brush 18 Gauge Steel Casket $ 1,795.00 I feel very hurt: My late wifes parents cut me out of their will and reduced my daughters inheritance. Throughout this release, we make a number of "forward-looking statements," including statements regarding the proposed sale of our Batesville business (the "Proposed Transaction") and the expected timing, costs and benefits thereof, that are within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and that are intended to be covered by the safe harbor provided under these sections. Disclaimer of . This doubling of the stock actually puts Batesville at the right size (larger market cap) and the right leverage point for a smooth break-up; HI has increased its industrial focus from a 70/30 revenue split to an 80/20 split. The city has a very large bureaucracy, and it has a very large amount of money. However, over the last two years, the management have used the stable and predictable cashflow that Batesville (BATES) generates to bring that debt down significantly to about 1.5x as of Q1 2022. So many people dont want a casket anymore. Casket prices, coffin prices, buy casket online, buy caskets in Seattle, cheap caskets in Portland, buy my own casket direct cheaper than funeral homes, Batesville, matthews Aurora, Signet and other name brands. Greenberg Traurig, LLP acted as legal counsel to LongRange. Its a broker that sells shares of stock on a stock exchange. batesville casket company stock is a stock broker that sells shares of stock on a stock exchange. As a result, some of the services that Batesville has provided over the years are now needed by the city, and not just the city. Both firms made the announcement Thursday morning and noted the total enterprise value of the acquisition is $12.4 billion, which includes debt assumption. She was a board member of Kimball International It is a broker that is regulated by the Securities and Exchange Commission. As part of an increasing focus on personalization, LifeSymbols corners are introduced. It is a broker that sells shares of stock on a stock exchange. Batesville Casket Company is looking for a Maintenance Associate (2nd shift) to join our team in Batesville, IN. and KeyBanc Capital Markets. 26" interior width. Evercore acted as a financial advisor for Hillenbrand for this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel. At CasketSite.com we offer Batesville Caskets direct to you, at our guaranteed wholesale prices. Hillenbrand Inc. has reached an agreement to sell its storied Batesville Casket Co. to an affiliate of a Connecticut-based private equity firm for $761.5 million. Its good they recognize that because its true. A distinction is often made between coffin and casket: the latter . EPS from cont ops guidance, Hillenbrand Reports Fiscal First Quarter 2023 Results; Fiscal 2023 Guidance Updated to Reflect Batesville Sale, Hillenbrand is about to announce its earnings here's what to expect, Registration on or use of this site constitutes acceptance of our. Lowest price guaranteed. A separation in March 2020, based on the revenue distribution, would have resulted in a higher leverage for Batesville (BATES) on a standalone basis (4.3x). Founded in 1884, Batesville (commonly referred to as the . WARREN OAK/239372 CWOKBAMIBQ / Batesville $6,099 Solid oak casket with a dark stain, satin finish exterior and champagne velvet interior. (KBAL) since January 2014, which performed a Spin of its Electronic Manufacturing Services business called Kimball Electronics, Inc. (KE) on November 3, 2014. Click to feedback > As the words imply, these are statements about future events, results of operations, uses of cash, financings, ability to meet deleveraging goals, and other measures of financial performance or potential future plans or events, strategies, objectives, beliefs, prospects, assumptions, expectations, projected costs or savings or transactions of Hillenbrand (the "Company") that might or might not happen in the future, the anticipated costs and benefits of the Proposed Transaction, and the expected timing of completion of the Proposed Transaction, as contrasted with historical information. Caskets, Urns & Keepsakes - Batesville Celebrating lives. They have favorites that can do as they please, walk around or just hide. Wood, Particle Board, and Corrugated Caskets Casket Description Price Solid Mahogany Batesville President Mahogany. Batesville Casket Company TCC - Thacker Casket Co mpany TGL - Triangle Casket Co mpany WLW - Watts Line of Woods WRC - Warfield -Rohr Casket Company - Denotes that casket is located in selection room. However, our Sum-of-the-parts target price comes to around $78.99, which implies a potential upside of +70%. Cremation is the combustion, vaporization, and oxidation of cadavers to basic chemical compounds, such as gases, ashes and mineral fragments retaining the appearance of dry bone. A flexible dual overlay is introduced, marking a continued focus on innovation and personalization. 2 Stocks to Buy in the New Year and 1 to Avoid, 2 Industrial Stocks That Need to Be on Your Radar in 2023, Zacks Industry Outlook Highlights Ashtead, Hillenbrand, Siemens AG and Andritz, 4 Industrial Services Stocks to Bet On From the Prospering Industry, Zacks.com featured highlights Hillenbrand, Sociedad Quimica Y Minera, Reinsurance Group of America and Modine Manufacturing, Value Investing is the Key Now: 4 High Earnings Yield Picks, 2 Industrial Stocks to Check out Before 2022 Ends, 5 Stocks to Pop Surprise Returns From Secret Santa, Best Momentum Stocks to Buy for December 20th, Hillenbrand Divests Batesville Casket Business For ~$761M, Hillenbrand's Ex-Dividend Date Is Thursday, Here's What You Need To Know, 3 Stocks That Are Screaming Buys for 2023. 598 Total Views. Batesville Casket Company, Inc. manufactures metal and hardwood burial caskets. Solid Mahogany Batesville Paragon Mahogany. It has many businesses in the industrial sector that complement quite nicely together. BATESVILLE, IN Hospital bed and patient-monitoring device manufacturer Hill-Rom Holdings Inc. is being purchased by medical tech firm Baxter International in a blockbuster $10.5 billion cash deal, or $156 a share.. However, one of the reasons I love Batesville is because it has a very good economy. If we assume management decides to assign enough debt on BATES that the leverage trades in-line with peers (around 3.7x), this requires a debt distribution in the ratio of 51%-49% for Advanced Process Solutions & Molding Tech Solutions and BATES, respectively. But Hillenbrand said that both it and Batesville Casket would continue to be headquartered in Batesville, an Indiana community about 60 miles (80 kilometers) southeast of Indianapolis. Warehouse Associate- (full-time) Columbus, Ohio, USA. Aegean Bronze (203) - $5,300.00. Batesville Caskets provide the highest brand name quality caskets in the funeral and cremation industry. A distinction is often made between coffin and casket: the latter is generally understood to denote a four-sided (almost always rectangular) funerary box, while a coffin is usually six-sided. Recognizing a shift in consumer trends, Batesville launches fully tested and warranted oversize caskets. For the best MarketWatch.com experience, please update to a modern browser. View original content to download multimedia:https://www.prnewswire.com/news-releases/hillenbrand-announces-divestiture-of-batesville-casket-company-accelerating-transformation-301704086.html, Plus500. What it will take to get a contrarian buy signal for gold, Bombay Sapphire ups the lemony flavor in this elegant, refreshing addition to its gin lineup, An orphan at 65: setting new priorities after the loss of your parents, U.S. prepares new rules on investment in China. 86% of retail CFD accounts lose money, https://www.prnewswire.com/news-releases/hillenbrand-announces-divestiture-of-batesville-casket-company-accelerating-transformation-301704086.html, Hillenbrand Annual Meeting Led by New Chairperson, Helen Cornell, Hillenbrand Declares Second Quarter Dividend of $0.22 Per Share, Hillenbrand FQ1 results mixed, co raises FY 2023 adj. HI Total Shareholder Return (TSR) Vs. Peers & Index. Hillenbrand, Inc. engages in designing, manufacturing, and servicing highly engineered and mission-critical equipment and solutions to the customers. The transaction allows Hillenbrand and Batesville to maintain clear focus on their respective core industries, creating value for customers, shareholders, other stakeholders, and associates. Batesville Caskets for Sale | Funeral Home Caskets 85% off! Forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature are subject to a wide range of risks. Plush casket interiors are introduced for the first time. (December 2021) Batesville Casket Company manufactures caskets and cremation urns. Over the last two years, the management at Hillenbrand, Inc. have continued to progress with the transition away from just selling caskets in the death care business to becoming a large diversified industrial company. Finally, the management are no strangers to value creation from Spinoffs. Aurora had 600 employees, up from 400 a decade earlier. Subscriber Agreement & Terms of Use | Beginning in its fiscal 2023 first quarter, Hillenbrand expects to classify the Batesville business as "held for sale" and anticipates it will report results of the Batesville business as discontinued operations for the current and historical periods in Hillenbrand's consolidated financial statements. Stamford, Connecticut-based LongRange Capital was founded in 2019 by Bob Berlin and invests in a range of consumer, industrial, and information and technology companies. A coffin is a funerary box used for viewing or keeping a corpse, either for burial or cremation. One company that came across our radar two years ago was Hilllenbrand (HI), currently trading at $45 a share. Hillenbrand had announced on July20, 2022, that its Board of Directors had initiated a process to explore strategic alternatives for its Batesville business. LongRanges acquisition of Batesville, from Hillenbrand, Inc. (NYSE: HI), a global industrial company, is expected to close in the first quarter of 2023, subject to regulatory approval and other customary closing conditions. Opens in a new window. Theranoss Elizabeth Holmes gives birth to second baby, pushes to delay starting her 11-year prison term, Elon Musks bid to implant chips into human brains shot down by FDA, Hillenbrand credit cut to BB+, or 'junk' territory, at Fitch, Hillenbrand's stock tumbles 12.5% premarket after $2 bln cash and stock deal to buy Milacron, Milacron's stock soars 26% premarket after Hillenbrand buyout deal, Hillenbrand to buy Milacron in a cash and stock deal valued at $2 bln. The company offers a wide selection of burial and cremation products, keepsakes, and business and technology solutions that serve the needs of families and licensed funeral professionals across North America. Jan 31, 2023. Over the last two years, the management at Hillenbrand Hillenbrand had announced on July 20, 2022, that its board was starting to look for "strategic alternatives" for the Batesville business, which started in 1884 as the Batesville Coffin Company before it was purchased by John A. Hillenbrand in 1906. . Hillenbrands move would result in it selling off the casket-making business and brand that served as the roots for the larger Hillenbrand company in Batesville starting in 1884. Join us for an evening of networking designed especially for real estate professionals. LifeStories caskets and medallions are added to the product offering, increasing the range of options for personalizing Batesville caskets. . All quotes are in local exchange time. 2022-23 Looking for Talent? Sapphire (021) - $5,025.00. Funeral homes often have high prices for the workmanship and quality of these brand name caskets. (AP) Hillenbrand Inc. said Thursday that it has reached an agreement to sell its Batesville Casket Co. subsidiary the largest producer of caskets in the U.S. to an affiliate of a Connecticut-based private equity firm for $761.5 million. Batesville Casket may also be known as or be related to Batesville Casket, Batesville Casket Co, Batesville Casket Company and Batesville Casket Inc. Zippia. Bloomberg's Alix Steel and Paul Sweeney harness the power of Bloomberg Intelligence to provide in-depth research and data on more than 2,000 companies and 130 industries. With annual revenues of nearly $600 million, Batesville is the clear leader, providing a comprehensive portfolio of burial and cremation products, memorialization offerings, profit-enhancing merchandising systems, and leading-edge technology designed to help funeral directors succeed. These batesville casket company stock will make the memory of departed ones feel more meaningful and special, and set the right tone for the entire ceremony. It is a broker that is regulated by the Securities and Exchange Commission. Hillenbrand has 6 subsidiaries including Batesville Casket Company, Coperion and Milacron. Peers SCI and CSV are expected to make around 30% and 33%, respectively, owing to their revenue mix. The word took two different paths, cofin in Old French originally meaning basket, became coffin in English and became couffin in modern French which nowadays means a cradle. LongRange's acquisition of Batesville, from Hillenbrand, Inc. (NYSE: HI), a global industrial company, is expected to close in the first quarter of 2023, subject to regulatory approval and other . Net proceeds from the sale are expected to be used for debt reduction, Hillenbrand said in a news release. If HIs stock price hadnt doubled, there would have been a risk that the market cap size for Batesville would have been too small and been kicked out of the SmallCap 600 Index, and shareholders would have incurred index selling pressure. Historical and current end-of-day data provided by FACTSET. John A. Hillenbrand purchases Batesville Coffin Company and changes its name to Batesville Casket Company. - A private investment firm will buy an Indiana business that's been making caskets in Indiana since the 19th century. Please call to confirm delivery date. (In-state rival Batesville Casket Co., a subsidiary of Hillenbrand Industries Inc., was the largest.) If the management wanted to shift debt in such a proportion to allow Batesville to remain a part of the SmallCap Index, it would have required a 42% distribution of debt, which would have led to a higher leverage of 6.2x for Batesville, making it even less appealing for investors as a standalone company, Market Cap Scenario of Split Based on February 2022 Estimated Revenue Contribution. The Molding Technology Solutions segment includes engineered and customized equipment, systems, and services in plastic technology and processing. Hillenbrand, Inc. (HI) Stock Price, News, Quote & History - Yahoo Finance Dow Futures Hillenbrand, Inc. (HI) NYSE - NYSE Delayed Price. I dont think its a city thats going to change. "As longer-term oriented investors with an operational focus and significant carve-out experience, we look forward to partnering with the Batesville management team and its dedicated associates in further supporting the business for many years to come," said Bob Berlin, Managing Partner at LongRange. -- Hillenbrand Inc. said Thursday that it has reached an agreement to sell its Batesville Casket Co. subsidiary the largest producer of caskets in the U.S. to an affiliate of a Connecticut-based private equity firm for $761.5 million. Do Not Sell or Share My Personal Information. Hillenbrand has a direct presence in 3 countries. Copyright 2023 MarketWatch, Inc. All rights reserved. Join the thousands of business and community leaders and Indiana residents that choose IBJ as their primary local news source. Musk Made a Mess at Twitter. Thats why I wanted to ask that question, because its a city with a population of 30,000 people, but still manages to have a rich history, and one of the oldest banks in the state. Finally on July 20, the company have announced a strategic review of their Batesville business. batesville is a stock broker that sells shares of stock on a stock exchange. Otherwise it is a great place to work. Batesville is a recognized leader in excellence, innovation and service in the death care industry. We help support the death care industry through long-term relationships with professional associations across the US and Canada. A coffin about to be lowered at a funeral service in a cemetery. Hillenbrand Inc. has reached an agreement to sell its Batesville Casket Co. subsidiary to an affiliate of a Connecticut-based private equity firm for $761.5 million. 2023 SwingTradeBot. It is a broker that is regulated by the Securities and Exchange Commission. Hillenbrand is a company listed under the stock ticker HI (US). Add to Cart. Batesville is a city with a rich history, but like most of the places on this list, its a city that does a lot of the same things, from a very simple structure to a very complex structure. "Completing our transformation into a pure-play industrial company allows Hillenbrand to concentrate our investments into our APS and MTS segments, where we see strong growth potential," said Kim Ryan, President and Chief Executive Officer of Hillenbrand.
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